国际金融第6章.the foreign exchange market.pptVIP

CH 6 FOREIGN EXCHANGE MARKET Key terms Foreign exchange market 外汇市场 Arbitrage 套汇 Retail rate 零售汇率 Wholesale interbank rates 银行间批发汇率 Interbank trading 银行间交易 Appreciation 增值 Depreciation 贬值 Hedging 套期保值 Key terms Speculation 投机 Space arbitrage 地点套汇 Time arbitrage 时间套汇 Interest arbitrage 利息套汇 Spot against forward 即期对远期 Covered interest arbitrage 抵补套利 §1 The Foreign Exchange Market 1.1 The market in which international currency trades take place 1.1.1 Interbank trading 狭义的外汇市场 Foreign currency trading among banks It accounts for most of the activity in the foreign exchange market. wholesale rate,more than $1million 1.1.2 广义的外汇市场 interbank trading trading between customers and banks 1.2 The Actors The major participants in the foreign exchange market are: Commercial banks International corporations Nonbank financial institutions Central banks 1.3 Characteristics of the Market The worldwide volume of foreign exchange trading is enormous, and it has ballooned in recent years. New technologies, such as Internet links, are used among the major foreign exchange trading centers (London, New York, Tokyo, Frankfurt, and Singapore). The integration of financial centers implies that there can be no significant arbitrage. The process of buying a currency cheap and selling it dear. 1.4 Vehicle currency A currency that is widely used to denominate international contracts made by parties who do not reside in the country that issues the vehicle currency. Example: In 2001, around 90% of transactions between banks involved exchanges of foreign currencies for U.S. dollars. §2 外汇交易概况 银行与客户之间的交易(retail rates) 银行同业之间的交易(wholesale interbank rates) 银行与中央银行之间的交易 §3 外汇交易类型 3.1即期外汇交易(spot transaction) Definition Example 3.2远期外汇交易(forward transaction) Definition Quotation 远期汇率的报价方式： 直接报价(Outright rate) 掉期率（远期差价） (Swap or forward rate) 利用货币利率差计算 （1）直接报价 现汇汇率： ￡/US$ 2.4210/20 1个月期汇：￡/US$ 2.4180/00 2个月期汇：￡/US$ 2.4150/70 3个月期汇：￡/US$ 2